In the last month of the last financial year i.e. March, the Goods and Services Tax (GST) collection has broken all the previous records. According to the information given by the Finance Ministry, the gross GST collection collected in March 2022 was Rs 1,42,095 crore, of which CGST Rs 25,830 crore, SGST Rs 32,378 crore, IGST Rs 74,470 crore (including Rs 39,131 crore collected on import of goods). and Cess stood at Rs 9,417 crore.
With this, the gross GST collection in March 2022 has broken the record of highest collection collected in a month of January 2022 at Rs 1,40,986 crore.
Brick kiln traders will be able to choose composition scheme: Brick kiln traders can opt for a composition scheme to pay 6 per cent GST without input tax credit (ITC) from Friday. Businesses who do not opt for the composition scheme will attract 12 per cent GST along with ITC.
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The government notified the GST rates on March 31, which are applicable from April 1. As per the notification, manufacturers of bricks, tiles, fly ash bricks and fossil bricks can opt for composition scheme. Till now, the manufacture and trade of bricks was subject to a GST of five per cent, and businesses were allowed to claim credit on inputs.